Synthetic Lubricants Market Size

Synthetic Lubricants Market Size

Synthetic Lubricants Market size is expected to reach over $5 billion by 2023 with an estimated growth rate of over 4% from 2016 to 2023. Increasing demand from industrial and automobile sectors in Asia Pacific subject to installation of new machines coupled with increased branded cars sales will drive the global market during forecast period.

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Growing adoption of new technologies, including fire resistant esters may favor the business growth in future. Major original equipment manufacturers have set NSF food lubrication standards for food application which will propel synthetic lubricants market share in coming years.
 

Synthetic oils are derived from ethylene oxides, which are procured through natural gas, tight oil, CBM, shale gas, and crude oil. Shell, Chevron, Total, Exxon Mobil and BP are integrated manufacturers, which ensures ethylene oxides supply to refining units for production PAG, ester-based and PAO synthetic lubricants.
 

Automotive applications may dominate the industry owing to increase in automobile sales mostly driven by the U.S., China, India, and Brazil, which will foster the synthetic lubricants market growth in future. China automobile sales increased from 9.3 million to 23 million units in 2014.
 

Gulf Cooperation Council natural gas production reached 369.2 BCM in 2012 from 207.5 BCM in 2005. Growth in personal care, food & beverage, automotive, and construction sectors in emerging nations including UAE, Qatar and Saudi Arabia, has shifted political emphasis towards the development of natural gas which will positively influence the synthetic lubricants market value.